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How Much Can LoanMart Charge in Interest?

car keys being handed over

Taking out a loan of any kind comes with risks, fees, and interest. However, not all loans are equal, and not all lenders are trustworthy. State laws aim to protect us from predatory lenders who utilize short-term loans at high interest rates to profit off a consumer’s emergent need for cash. LoanMart, a California-based lender doing business in North Carolina, is racking up online complaints for possible violations of our state’s consumer law. Although LoanMart purports its mission to “enable customers to overcome life’s credit challenges with fast, trustworthy credit options,” consumers allege the company’s lending practices are predatory and, in some cases, illegal.

About LoanMart

Established in 2002, Wheels Financial Group, doing business as LoanMart, is a consumer lending company headquartered in Van Nuys, California. LoanMart specializes in car title loans. These are short-term loans that use a borrower’s car as collateral. These loans are considered risky for consumers because they are generally extended to those with poor credit scores at an excessive interest rate.

LoanMart’s Better Business Bureau profile shows 139 complaints in the last three years, many of them regarding the company’s astronomical interest rates that leave consumers paying thousands more to their lender than their car was worth.


In 2015, a California consumer sued LoanMart for the Telephone Consumer Protection Act (TCPA) violations. The consumer alleged nonstop calls to his personal phone and his employer. After asking LoanMart to refrain from calling his employer, the company continued to do so. The lender used an automatic telephone dialing system to leave pre-recorded messages, sometimes 5 or 6 times daily. However, the consumer never gave consent for this contact. Under the TCPA, violations like these may be worth up to $500 per illegal contact.

A 2020 lawsuit alleged Wheels Financial Group (d/b/a LoanMart) flagrantly disregarded California interest rate laws, charging rates in the triple digits—one consumer who took out a loan of $2,951.87 paid an interest rate of 100.73%. Under California law, the interest rate for this loan should have been capped at 36%.

North Carolina Laws

LoanMart is subject to specific regulations under the North Carolina Consumer Finance Act because it is not registered to conduct business in the state. Unlicensed lenders who initiate car title loans in North Carolina for $10,000 or less cannot charge more than 16% in interest. LoanMart’s website reports the average car title loan it extends is for $4,532, which coincides with this law. However, Consumer Affairs reports the average interest rate for a LoanMart loan is between 36%-99%, and online consumer complaints have reported rates of up to 300%.

If you are a North Carolina consumer who was charged more than 16% by LoanMart for a car title loan, you may be entitled to compensation.

Other Company Details

LoanMart operates under several names, including ChoiceCash, 1800LoanMart, 800LoanMart, and AutoTitleLoans4U.

Consumers have reported receiving LoanMart’s collection calls from the following numbers:

  • (800) 562-6627
  • (888) 250-5537
  • (855) 562-6565
  • (855) 422-7498
  • (888) 700-6681

Contact a Consumer Attorney

Maginnis Howard’s consumer protection attorneys are passionate about holding companies that violate consumer law accountable. If you believe you have been charged an illegal interest rate by LoanMart or another lending company, contact us today.

Our firm has three conveniently located offices in Charlotte, Raleigh, and Fayetteville. For information on each branch, visit the Locations tab in the navigation menu. To reach an intake specialist, visit our contact page or submit an inquiry through our Live Chat feature. You may also call us at (919) 526-0450. We accept clients across the Carolinas.